REG - Investec PLC - Investec Ltd Preference Share Repurchase Programme

InvestecAnnouncement

29/03/2023 12:00

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RNS Number : 6267U  Investec PLC  29 March 2023

 Investec Limited                               Investec plc

 Incorporated in the Republic of South Africa   Incorporated in England and Wales

 Registration number 1925/002833/06             Registration number 03633621

 JSE share code: INL                            LSE share code: INVP

 JSE share code: INPR                           JSE share code: INP

 JSE debt code: INLV                            ISIN: GB00B17BBQ50

 NSX share code: IVD                            LEI:2138007Z3U5GWDN3MY22

 BSE share code: INVESTEC

 ISIN: ZAE000081949

 ISIN: ZAE000063814

 LEI:213800CU7SM6O4UWOZ70

 

 

 

As part of the dual listed company structure, the boards of Investec plc and
Investec Limited (together the "Board") notify both the London Stock Exchange
and the JSE Limited of matters which are required to be disclosed under the
Disclosure Guidance and Transparency Rules and Listing Rules of the United
Kingdom Listing Authority (the "UKLA") and/or the JSE Listings Requirements.

 

Accordingly, we advise of the following:

 

INVESTEC LIMITED NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE SHARES ("PREFERENCE SHARES") GENERAL BUY-BACK PROGRAMME

 

During Investec Limited (the "Company")'s annual general meeting held on 4
August 2022 ("the AGM"), shareholders were advised that the board of the
Company may resolve to repurchase preference shares if this action is
considered desirable and in the best interests of shareholders.

 

Shareholders were further advised that any repurchases under the general
authority proposed to be granted by shareholders, would be within certain
pre-determined price limits with specific reference to the limits of the
authority granted by the Company's shareholders as well as the JSE's Listings
Requirements. At the AGM, shareholders granted a general authority to the
board of the Company to repurchase up to 20% of the issued preference share
capital of Company ("the current general authority").

 

Shareholders are herewith advised that the Company has, pursuant to a share
buy-back programme ("the Programme") announced by the Company on 29 November
2022, repurchased 1,307,149 preference shares, representing 5% of the issued
preference share capital as at the date of the current general authority to
repurchase the preference shares. The preference shares remaining in issue
following these repurchases are 24,835,843 shares.

 

The preference shares were repurchased for an aggregate value of
R124,147,704.39.

 Period of repurchase                  Number of preference shares repurchased   Average price per preference share (R)  Highest price paid per preference share  Lowest price paid per preference share  Aggregate value (R)

 30 November 2022 to 27 March 2023     1,307,149                                 94.98                                   96.18                                    93.00                                   124,147,704.39

 

The repurchases were made in terms of the general authority granted by
shareholders at the AGM and were effected through the order book on the JSE
trading system without any prior understanding or arrangement between the
Company and the counterparties.

 

To the extent not already done so during the current programme, application
will be made to the JSE to de-list the preference shares at which point they
will immediately be cancelled.

 

The Company is not entitled to repurchase any further preference shares in
issue under the Programme, as the transactions concluded have reached the
maximum amount to be repurchased under the Programme. Accordingly, the current
Programme has been closed and no further repurchases of preference shares will
occur under the Programme.

 

The impact of the repurchase of the preference shares on the financial
information of the Company is immaterial. The preference shares were
repurchased from excess cash resources of the Company; going forward, no
preference share dividends will be payable on the repurchased preference
shares and interest earned on the cash utilised for the repurchase will be
foregone.

 

OPINION OF THE BOARD OF THE COMPANY

 

The board of the Company has considered the effect of the repurchases and is
of the opinion that:

 

·     The Company and the Company and its subsidiaries ("the Group")
will be able, in the ordinary course of business, to repay their debts for a
period of 12 months after the date of this announcement;

·   The consolidated assets of the Company and the Group will be in excess
of the consolidated liabilities of the Company and the Group for a period of
12 months after the date of this announcement;

·     The Company's and the Group's share capital and reserves will be
adequate for the purposes of the business of the Company and the Group for a
period of 12 months after the date of this announcement; and

·     The Company and the Group will have sufficient working capital for
ordinary business purposes.

 

Johannesburg

29 March 2023

 

Sponsor

Investec Bank Limited

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